(To read more on the industrial market, click here.)

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MIAMI-Invesco has acquired Aviation Business Center, a122,280-sf warehouse/distribution facility in the Airport Westsubmarket for $11.8 million. Built in 1991 and 1993, the propertyconsists of four two-story multi-tenant buildings of approximatelyequal size.

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The seller, TA Associates, was represented by CB Richard EllisInstitutional Group executive vice president Christian Lee,CBRE/Melody's South Florida Office managing director CharlesFoschini and CBRE/Melody's South Florida Office vice presidentChristopher Apone.

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The property is in close proximity to major highways in thearea, seaports, airports and Miami's Central Business District. Itfeatures quality build-outs, temperature controlled offices,loading capabilities that are highlighted by 105-foot deep truckcourts gated at each end, 20-foot clear ceiling heights, a 1.23 per1,000 sf parking ratio and 24 16-foot by 20-foot double-size,dock-high loading docks.

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The property is located in the Airport West submarket, which sawstrong sales and leasing activity in 2006. According to a CBRichard Ellis Q4 industrial market report for Miami, of the 15.5million sf of industrial property sold in 2006, 7.3 million sf werelocated in the Airport West submarket. The submarket experienced a4.5% vacancy rate with 1.075 million sf of absorption for the yearand average asking rental rates of $8.91 per sf.

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